$20,000 asset write-off renewed for another financial year.

Asset write-offs reminder for small business.

Small businesses with a turnover of less than $10 million can get an immediate deduction for assets that cost up to $20,000 each in their 2016–2017 return. The $20,000 threshold now applies until 30 June 2018.

Assets that cost $20,000 or more can't be immediately deducted. They need to be deducted over time using a small business asset pool.

It’s important to apply all of the simplified depreciation rules correctly so your business doesn’t under-claim for its eligible assets.